View Our Homes http://www.view-our-homes.com a blog about Calgary and Area Real Estate en-ca (C) 1996-2018 Norm Rousseau & Sylvia Garrett MaxWell Realty 120 Fri, 19 Jan 2018 12:14:33 G1T Fri, 19 Jan 2018 12:14:33 G1T http://www.view-our-homes.com/Post/fa8a8fbc-f31f-4577-87b2-6df48ddc9131 Fri, 19 Jan 2018 12:14:33 G1T http://www.view-our-homes.com/Post/fa8a8fbc-f31f-4577-87b2-6df48ddc9131 <p>Bank of Canada increases overnight rate target to 1 1/4 per cent <br>&nbsp; <br> OTTAWA – The Bank of Canada today increased its target for the overnight rate to 1 1/4 per cent. The Bank Rate is correspondingly 1 1/2 per cent and the deposit rate is 1 per cent. Recent data have been strong, inflation is close to target, and the economy is operating roughly at capacity. However, uncertainty surrounding the future of the North American Free Trade Agreement (NAFTA) is clouding the economic outlook. <a href="http://www.view-our-homes.com/File/bank2.jpg"><img width="254" height="173" title="Bank" align="left" style="margin: 11px 15px 0px 0px; border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="Bank" src="http://www.view-our-homes.com/File/bankthumb.jpg" border="0"></a></p><p>Bank of Canada increases overnight rate target to 1 1/4 per cent <br>&nbsp; <br> OTTAWA – The Bank of Canada today increased its target for the overnight rate to 1 1/4 per cent. The Bank Rate is correspondingly 1 1/2 per cent and the deposit rate is 1 per cent. Recent data have been strong, inflation is close to target, and the economy is operating roughly at capacity. However, uncertainty surrounding the future of the North American Free Trade Agreement (NAFTA) is clouding the economic outlook. </p> Bank of Canada Rate Changes Norm Rousseau http://www.view-our-homes.com/Post/92131260-7d25-4ee0-a6e7-a54c9676805f Fri, 05 Jan 2018 12:30:18 G1T http://www.view-our-homes.com/Post/92131260-7d25-4ee0-a6e7-a54c9676805f <p>• Detached sales totaled 11,831 in 2017. This is 5.6 per cent above last year, but nine per cent below the long-term average. Sales improved across all districts except the North East, which recorded a decline of sales of two per cent. Strongest sale growth occurred in the City Centre, West and South areas of the city. <a href="http://www.view-our-homes.com/File/housegraphthumb2.jpg"><img width="317" height="212" title="house-graphthumb" align="left" style="margin: 13px 25px 8px 0px; border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="house-graphthumb" src="http://www.view-our-homes.com/File/housegraphthumbthumb.jpg" border="0"></a><p>• The average annual detached benchmark price eased across all districts in the fourth quarter compared to third quarter results, but remained higher than last year’s levels in most districts. This is primarily caused by inventories that were higher than sales activity. Annual total residential prices remain below peak levels in all districts. <p>• Elevated inventories compared to sales weighed on apartment prices across all districts. Annual price declines ranged from a high of 6.2 in the East to a low of 2.4 per cent in the West. The City Centre, West and South districts contain over 70 per cent of apartment sales. Each of these areas have prices that remain 11.7, 10.7 and 12.5 per cent below previous annual highs. <p>• The annual semi-detached benchmark price averaged $422,333, four per cent above last year's levels. Row prices totaled $329,200, three per cent below last year. In both cases, prices remain 0.4 and 9 per cent below annual highs. HOUSING MARKET FACTS 2017 Norm Rousseau http://www.view-our-homes.com/Post/295448e1-78ac-4a40-a932-c808ef77d644 Fri, 05 Jan 2018 12:24:43 G1T http://www.view-our-homes.com/Post/295448e1-78ac-4a40-a932-c808ef77d644 <p>Two Sides of the Story December sales activity rises again but so does supply.<br> Dec. 2017</p><p><br> City of Calgary, January 2, 2018 – Sales activity for all product types improved in December and pushed monthly sales to long-term averages for the second month in a row. However, new listings also rose, keeping inventory elevated compared to typical levels for December. With more supply remaining compared to sales, benchmark prices edged down for the fifth consecutive month.&nbsp; “Many of the economic indicators continue to post modest improvements, including improving sales. However, demand gains have not outpaced the additional supply coming into the housing market. <a href="http://www.view-our-homes.com/File/capture.jpg"><img width="534" height="217" title="Capture" align="left" style="margin: 12px 23px 0px 0px; border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="Capture" src="http://www.view-our-homes.com/File/capturethumb.jpg" border="0"></a> This is creating some of the bumpiness in terms of price recovery,” said CREB® chief economist Ann-Marie Lurie, who added that prices have stayed comparable to last year. The gap between detached supply to demand closed in the first half of 2017 and supported early price growth. As prices improved, this was perceived as a signal for many who delayed selling their home and caused a late rise in inventory which limited price growth. Overall, the detached benchmark price in 2017 averaged $504,867, 0.63 per cent above last year’s levels. Challenges continue to face the apartment sector, with elevated supply in the resale market. The new home and rental markets weighed on this sector. The excess supply caused average annual benchmark prices to decline by four per cent this year. This is a total annual adjustment of nearly 12 per cent since the start of the recession.&nbsp; In the attached sector, the first half of the year saw an improvement in sales relative to the inventory levels. This supported stronger price gains in the second and third quarter. However, a late rise in inventory levels took some of the momentum away from price growth. On an annual basis, attached prices totaled $332,325, comparable to last year’s levels. “This year, we saw a rise in the number of consumers willing to purchase in the market with the expectation that the economy had already shifted. There were also many who waited to list their property until prices showed more stability,” said CREB® president David P. Brown. “Those who acted were typically driven by long-term plans that best suit their current lifestyle. We are ending the year with stronger sales in the last quarter, but supply levels are holding back price gains. The year played out as expected with a transition from price declines to general price stability in most sectors of the market.” </p><p>For more information please contact the real estate agents. </p><p><a href="http://www.view-our-homes.com/File/pages-from-december2017monthlyhousingstatistics2.jpg"><br></a></p> CREB December 2017 City of Calgary stats Norm Rousseau http://www.view-our-homes.com/Post/423062f6-c342-41df-908f-fa7db9253ffd Fri, 22 Dec 2017 11:49:35 G12T http://www.view-our-homes.com/Post/423062f6-c342-41df-908f-fa7db9253ffd <a href="http://www.view-our-homes.com/File/merry2.jpg"><img width="534" height="535" title="Merry" align="left" style="border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="Merry" src="http://www.view-our-homes.com/File/merrythumb.jpg" border="0"><br></a><p><a href="http://www.view-our-homes.com/File/merry2.jpg"><br></a></p> Merry Christmas Norm Rousseau http://www.view-our-homes.com/Post/45511a7a-7cd8-435f-845b-7a4b697358e7 Sun, 03 Dec 2017 08:01:30 G12T http://www.view-our-homes.com/Post/45511a7a-7cd8-435f-845b-7a4b697358e7 <p>City of Calgary, December 1, 2017 <p> The November housing market was spurred by a rise in sales, particularly in the lower price ranges. Sales totaled 1,411 units in November, an increase of 15 per cent over last year. This is comparable to longer-term averages for the month of November. Improved sales activity occurred in each of the housing segments, with most of the gains occurring in homes priced under $500,000. <a href="http://www.view-our-homes.com/File/inventory.gif"><img width="454" height="327" title="Inventory" align="left" style="margin: 16px 30px 0px 0px; border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="Inventory" src="http://www.view-our-homes.com/File/inventorythumb.gif" border="0"></a>“The combination of improved confidence and pending mortgage rule changes have likely contributed to the stronger sales activity this month,” said CREB® chief economist Ann-Marie Lurie. According to Lurie, the last time that sales activity rose to long-term averages for the month was October 2016, when the stress test for high-ratio loans was first announced. “Moving forward, we will continue to monitor shifts in demand as improving economic conditions should help offset the impact to the housing market after the new lending policy comes into force in January,” said Lurie. The largest gains in the detached sector were in the $300,000 - $399,999 price range, while the apartment and attached sectors saw the largest gains among homes priced below $300,000. </p> November 2017 marks a rise in sales. Norm Rousseau http://www.view-our-homes.com/Post/78ad18b5-916d-4ab2-87a6-2aa77d8466d6 Mon, 06 Nov 2017 04:21:31 G11T http://www.view-our-homes.com/Post/78ad18b5-916d-4ab2-87a6-2aa77d8466d6 <a href="http://www.view-our-homes.com/File/ns-november-2017-newsletter-page-0012.png"><img width="443" height="730" title="N&amp;S November 2017 Newsletter Page 001" align="left" style="border-image: none; float: left; display: inline; background-image: none;" alt="N&amp;S November 2017 Newsletter Page 001" src="http://www.view-our-homes.com/File/ns-november-2017-newsletter-page-001thumb.png" border="0"><a href="http://www.view-our-homes.com/File/ns-november-2017-newsletter-page-0022.png"><img width="443" height="731" title="N&amp;S November 2017 Newsletter Page 002" align="left" style="border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="N&amp;S November 2017 Newsletter Page 002" src="http://www.view-our-homes.com/File/ns-november-2017-newsletter-page-002thumb.png" border="0"></a><br></a><p><a href="http://www.view-our-homes.com/File/ns-november-2017-newsletter-page-0012.png"><a href="http://www.view-our-homes.com/File/ns-november-2017-newsletter-page-0032.png"><img width="443" height="730" title="N&amp;S November 2017 Newsletter Page 003" align="left" style="border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="N&amp;S November 2017 Newsletter Page 003" src="http://www.view-our-homes.com/File/ns-november-2017-newsletter-page-003thumb.png" border="0"></a><br></a></p><p><br></p><p><br></p><p><a href="http://www.view-our-homes.com/File/ns-november-2017-newsletter-page-0012.png"><br></a></p><p><a href="http://www.view-our-homes.com/File/ns-november-2017-newsletter-page-0012.png"><br></a></p><p><br></p><p><br></p><p><br></p><p><br></p><p><br></p><p><a href="http://www.view-our-homes.com/File/ns-november-2017-newsletter-page-0042.png"><img width="444" height="732" title="N&amp;S November 2017 Newsletter Page 004" align="left" style="border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="N&amp;S November 2017 Newsletter Page 004" src="http://www.view-our-homes.com/File/ns-november-2017-newsletter-page-004thumb.png" border="0"><br></a></p><p><br></p><p><br></p><p><br></p><p><br></p><p><br></p><p><br></p><p><br></p><a href="http://www.view-our-homes.com/File/ns-november-2017-newsletter-page-0012.png"><br></a><p><br></p><p><br></p><p><br></p><p><a href="http://www.view-our-homes.com/File/page-24-newsletter-page-0032.jpg"><br></a></p> November 2017 Newsletter Norm Rousseau http://www.view-our-homes.com/Post/ea7ac69c-188b-42f2-b6c6-2df3052c76e3 Thu, 02 Nov 2017 07:14:05 G11T http://www.view-our-homes.com/Post/ea7ac69c-188b-42f2-b6c6-2df3052c76e3 <p>• Slower detached sales in October was not enough to derail earlier gains, as year-to-date sales improved in almost all districts in the city. <p>• On average, detached prices this year have improved in most districts of the city. The largest gains were in the west district, pushing prices to levels comparable with previous highs. <p>• Apartment condominium product continues to see more supply than demand with October months-of supply figures remaining just above seven months. Most of the inventory is located within the city center, but there have been gains in most districts causing excess supply in all areas of the city. <p>• The semi-detached segment of the market continues to see the best annual price improvement. As of October, prices totaled $419,400, which 0.10 per cent below last month and three per cent above last year’s levels. This is partially due to the improved demand for this type of product. While year-to date sales have improved, this is the only sector that has seen sales rise above longer-term averages.</p> CREB Housing Market Facts October 2017 Norm Rousseau http://www.view-our-homes.com/Post/776b042d-56ae-45b8-bbe2-87a98834da3a Thu, 02 Nov 2017 07:10:54 G11T http://www.view-our-homes.com/Post/776b042d-56ae-45b8-bbe2-87a98834da3a <p>Prices remains similar to last year, but ease in October.<p>City of Calgary, November 1, 2017 – October’s housing market conditions closely echoed previous month’s trends with easing sales, rising inventories and downward price pressure. Like last month, the monthly activity was not enough to derail gains that occurred earlier in the year.<a href="http://www.view-our-homes.com/File/capture.gif"><img width="534" height="228" title="Capture" align="left" style="margin: 10px 13px 4px 0px; border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="Capture" src="http://www.view-our-homes.com/File/capturethumb.gif" border="0"></a><p>October sales and inventories totaled 1,467 and 6,463 units for a month of supply of 4.4. Several months of elevated supply in comparison to demand has weighed on pricing over the past several months. The city-wide unadjusted benchmark price in October totaled $438,900, 0.6 per cent below last month, but comparable to last year.<p>“While economic activity has improved in 2017, it will take some time for this to translate into housing market growth. There have been employment gains, but most of this has occurred in areas with traditionally lower income,” said CREB® chief economist Ann-Marie Lurie. <p>“We also continue to face weak migration, higher lending rates and changes to lending policy. The combination of these factors is impacting housing demand, which is prolonging the pace of recovery.”<p>Resale inventory gains occurred in each product type and across most districts in the city. The largest gains were in districts with substantial new development growth. <p>In the detached segment, the largest number of units added to inventory occurred in the $300,000 - $500,000 price range. This represents nearly 42 per cent of all detached inventory. 62 per cent of the inventory in the city-wide market is priced below $500,000.<p>“There is far more product availability in the lower price ranges now compared to several years ago,” said CREB® president David P. Brown.<p>“This provides more options for potential buyers concerned about their purchasing power given all the changes in the lending market.” <p>The largest monthly price change occurred in the apartment condominium sector which recorded an unadjusted monthly decline of 0.8 per cent, resulting in a 13 per cent spread over monthly highs recorded in 2014. <p>Despite some recent adjustments, prices in the attached and detached segments remain relatively stable compared to last year. Status Quo for Calgary's October 2017 Housing Market Norm Rousseau http://www.view-our-homes.com/Post/60dcc7fe-784d-41d1-bbdb-64d107d9c933 Wed, 04 Oct 2017 10:49:33 G10T http://www.view-our-homes.com/Post/60dcc7fe-784d-41d1-bbdb-64d107d9c933 <p>By the end of October 2017 we should have a clear idea of proposed changes to mortgage lending regulations with updated B-20 rules implemented within two to three months.<br>Speaking at an event in Toronto, OSFI superintendent Jeremy Rudin said Tuesday that much of what will become the updated regulations will be what the regulator set out in July which includes a stress test for all uninsured mortgages.<a href="http://www.view-our-homes.com/File/istockdocumentpaperworkreadingsigningverifyingcheck000028626732small2.jpg"><img width="448" height="297" title="iStock_document-paperwork-reading-signing-verifying-check_000028626732_Small" align="left" style="margin: 13px 24px 2px 0px; border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="iStock_document-paperwork-reading-signing-verifying-check_000028626732_Small" src="http://www.view-our-homes.com/File/istockdocumentpaperworkreadingsigningverifyingcheck000028626732smallthumb.jpg" border="0"></a><br>He told the Economic Club of Canada audience that the Office of the Superintendent of Financial Institutions is concerned about the high levels of consumer debt and high real estate prices in some markets.<br>"We are not waiting to see those risks crystallize in rising arrears and defaults before we act," Mr Rudin stated.<br>The superintendent says that it has never been more important for mortgage lending underwriting criteria to be strong and that the system needs a “certain integrity.”<br>Mr Rudin said that although there is a risk of more borrowers using unregulated lenders for mortgages that did not preclude OSFI from taking necessary steps within its mandate. Stricter mortgage rules could be in place by January 2018 Norm Rousseau http://www.view-our-homes.com/Post/9e889aab-6139-48e4-a038-852a01684115 Tue, 03 Oct 2017 01:15:40 G10T http://www.view-our-homes.com/Post/9e889aab-6139-48e4-a038-852a01684115 <p>HOUSING MARKET FACTS<p>Both the North and Southeast have reached record high inventory levels for September. This is likely related to the new construction activity as these districts are in areas with significant amounts of new housing projects. Despite city wide easing, third-quarter sales improved in the East, West, South and Southeast areas of the City.<a href="http://www.view-our-homes.com/File/capture.gif"><img width="534" height="321" title="Capture" align="left" style="margin: 12px 16px 0px 0px; border: 0px currentcolor; border-image: none; float: left; display: inline; background-image: none;" alt="Capture" src="http://www.view-our-homes.com/File/capturethumb.gif" border="0"></a> September detached prices eased in most districts compared to last year. However, on a year-to-date basis, only the Northeast, South and East districts have prices just below last year’s levels. City-wide inventory gains occurred across all price ranges. The gains were broader based in the detached and apartment sectors. However, most the gains in the attached sector occurred in the $300,000 - $399,999 range. For the second month in a row attached prices remained relatively unchanged at $336,000, keeping year-to-date figures just below last year’s levels. However, yearly price changes do vary between the semi-detached product, which remains four per cent higher than 2016. The row product is nearly four per cent lower than last year’s levels. September 2017 Housing Market Facts Norm Rousseau